Small Business Cybersecurity Tips (2024)

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.

Advertiser Disclosure

Brian Church

Contributor

Brian is a writer, NABCEP PV associate and outdoor enthusiast living in Denver, Colorado. As a freelancer, Brian has written hundreds of articles to help individuals, businesses and our planet benefit from solar power and sustainable energy systems.

Vault’s Viewpoint

Small- and medium-sized businesses are frequently targeted by cybercriminals.
Leadership and employee education are essential to limit potential threats.
Cybersecurity best practices combine high-quality software and smart business habits.

Cybersecurity Threats to Small Businesses

Short for malicious software, malware is the greatest cybersecurity threat to small businesses today. Malware refers to a wide variety of harmful software categories, including ransomware, spyware, Trojan horses and computer viruses. Attacks of this nature are becoming increasingly common globally and at disproportionately high rates for small businesses. According to Coveware, U.S. small and mid-sized companies were the target of approximately 82% of all ransomware attacks.

To infiltrate secure business systems or implement malware, most cyber criminals rely on owner or employee mistakes. Today, the most common social engineering techniques that threaten small business vitality include:

Phishing. One of the most pervasive cyber scams, phishing emails are delivered under false pretenses and often contain dangerous links. Meant to “bait” users, phishing scams often appear to be sent from reputable well-known organizations like the IRS, a state lottery or a local energy utility. Outside of email inboxes, “smishing” describes hacking attempts via text message.
Spear phishing. More sophisticated than the average phishing scam, spear phishing intentionally targets specific individuals or groups within a business to breach secure systems. Spear phishing attacks can be carried out via email, text, social media or in person and often involve cybercriminals impersonating individuals and manipulating others to gain access to company information.
Insider threats. Any person with access to confidential information can be a cybersecurity threat to a small business. Insider threats typically manifest in theft, sabotage or unauthorized disclosure of information. While they can be difficult to spot and stop, insider threats may come from business partners, employees, former employees, contractors, associates and more.

Top 4 Cybersecurity Tips for Small Businesses

For immediate and ongoing protection against cyberattacks, here are four things every small business can do in 2024.

1. Raise Internal Cybersecurity Awareness

Knowing that hackers often rely on human error to breach secure data, educated employees are the most valuable asset of a cyber-secure business. From company owners to part-time staff, every member of a small business should be highly aware of common cyberattacks and ready to recognize and report potential threats or suspicious happenings.

To effectively raise cybersecurity awareness, all small business team members and partners should receive cybersecurity training upon hire as well as annual or semi-annual reviews of best practices. For ongoing awareness, you can test team members by sending fraudulent internal phishing emails and rewarding individuals for reporting scam attempts.

2. Always Keep Business Data Secure

In the digital age, business data is the lifeblood of most modern organizations. Without cyberattack protection, confidential information about a company and its employees can be compromised.

To keep your small business data safe, best practices include:

Requiring strong passwords for every employee and semi-annual password refreshes
Keeping business software updated to the latest version and backing up data regularly
Securing Wi-Fi routers and other internet connections with password protection and encryption

To ensure ongoing data security, be very selective in what information is shared with whom. For instance, critical business data (like finances, passwords and intellectual property details) should only be provided to individuals who need to know it.

3. Utilize Password Managers and Other Cybersecurity Software

Password managers and other cybersecurity software can provide an easy way to keep company information safe against potential attacks. In 2024, small businesses taking cybersecurity precautions should consider the following forms of protection.

Antivirus software: Detect and remove malware from business devices
Encryption tools: Protect against data leaks when information is transferred or stored
Firewalls: Prevent outsiders from accessing business information on closed networks
Password managers: Allow users to create, store and manage passwords securely
VPNs: Encrypt data for remote workers accessing company systems from around the world

When finding the right software, there are two approaches: a single platform with a wide range of protection for total company coverage or several interconnected cybersecurity software for an à la carte approach. If you are struggling to know exactly where to start, cybersecurity consultancy services for small businesses can also help guide decision-making with your unique goals and budget in mind.

4. Safeguard Offline Assets Everywhere

Small businesses with physical locations must implement sufficient onsite security measures to protect against trespassing, theft and other criminal activity that could comprise company data. This includes locks, safes, cameras, keycard access limits and even onsite security personnel to protect the information in an office, warehouse or another business property.

However, with the rise of employees working remotely, your company may have data scattered everywhere. If your business has remote workers, educate all individuals on the proper use, care and storage habits of phones, laptops, credit cards and any other asset that can be traced back to the company. To ensure those logging into company systems from around the world are permitted to do so, small businesses should also consider two-factor authentication to access company information from any remote device.

Frequently Asked Questions

What Is the Most Common Cyberattack on Small Businesses?

Malicious software, or malware, cyberattacks are the most notorious threat to small- and medium-sized businesses today. Entrepreneurs and small business owners should take measures to protect against ransomware with offline backups, good cyber hygiene and immediate reports of any suspicious activity. If compromised by ransomware, a small business can lose access to critical files, information or systems until a fee or “ransom” is paid.

Why Do Small Businesses Need to Take Cybersecurity Seriously?

When compared to large companies, small businesses are three times more likely to be the target of a cyberattack. While solopreneurs, small teams and even mid-size companies may find themselves stretched thin too to research and implement cybersecurity best practices, failing to do so can jeopardize every aspect of any business.

How Much Should a Small Business Spend on Cybersecurity?

While budgeting is different for every organization, in general, a small business should spend between 6% to 16% of its total IT budget on cybersecurity tools and training. Of course, if your business is primarily online, cybersecurity spending should be heavily prioritized with the risk of losing crucial digital assets.

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.